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Aug 11 2017

FINRA Bars Broker For Using Corporate Credit Card Following Resignation

The Financial Industry Regulatory Authority has barred a former M.R. Beal & Company advisor for using the company’s corporate credit card for personal expenses after resigning to join Drexel Hamilton.

According to a letter of acceptance, waiver and consent issued by FINRA, Keith D. McGregory is accused of keeping M.R. Beal’s corporate card after leaving the firm and saving the credit card information with multiple online vendors. In less than two months, he allegedly spent more than $27,000, including $15,000 on airfare and $7,000 on car rentals.

When M.R. Beal learned of McGregory’s spending, they issued a letter demanding reimbursement but it is unclear if the money was refunded to the company, which is no longer registered with FINRA.

McGregory, who left Drexel Hamilton in May 2017, has been registered with FINRA since 1992, and previously held his Series 7, Series 24, and Series 63 licenses. His conversion of firm funds to his own personal use and benefit violated FINRA Rule 2010 which maintains that members observe high standards of commercial honor.

FINRA barred McGregory from associating with any FINRA member in all capacities, and he accepted and signed the AWC letter without admitting or denying the findings.

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Article by: The DI Wire

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